The Centre for Reform and Advocacy, a civil society organization, has criticized the actions of some All Progressives Congress (APC) governors in Nigeria for contradicting the directive issued by President Muhammadu Buhari on the new naira note.
In a recent broadcast, Buhari announced that the old N500 and N1,000 notes were no longer legal tender, and the old N200 should remain in circulation until April 10th.
Despite this directive, some APC governors instructed residents in their states to disregard the President's announcement and continue to use the old notes.
In response, the Centre for Reform and Advocacy released a statement signed by its legal adviser, Kalu Agu, questioning the governors' authority to issue such directives.
Agu argued that the Central Bank of Nigeria cannot unilaterally call for a legal tender redesign and deadline without the President's approval.
Furthermore, he stated that the governors do not have the power to issue directives on legal tender, as this authority is not granted to them by the constitution, Acts of the National Assembly, or state laws.
The CSO's statement condemned the APC governors' actions as "treasonable, unconstitutional, unlawful, illegal and highly inciting."
The organization urged the governors to retract their directives and comply with the President's announcement, arguing that their actions risked undermining the nation's economy and the rule of law.
The controversy over the new naira note has sparked debate among Nigerians, with some supporting the President's decision to phase out the old notes, while others have criticized the move as unnecessary and potentially harmful to the economy.
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Mon Jun 16 2025 09:39:36 GMT+0000 (Coordinated Universal Time)
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Centre for Reform and Advocacy has criticized the actions of some APC governors for contradicting the directive of President Buhari...
Published (Updated) on Sunday, February 19, 2023
• Gold price jumps amid trade war fears • U.S. crude oil losses deepen • Elon Musk’s net worth sinks • Nigerian Naira Plunges, and more - Tuesday 08/April/2025 Top Business News Headlines
• US imposes 14 percent tariff on Nigeria • Amazon wants to buy TikTok • Asia-Pacific markets slide after Trump's tariff, and more - Thursday 03/April/2025 Business News Headlines
• China invites U.S. business leaders • Alibaba to support Nigerian exporters • US farmers express dismay, and more - Wednesday 26/March/2025 Top Business Headlines
• Ex Rivers State Governor Nyesom Wike (Now FCT Minister) Receives Godswill Akpabio the Senate President of Nigeria at His Residence in Abuja on Tuesday 18th, March 2025 - Photo News
• Nigerian President Bola Tinubu Receives N705 Millionaire Naira Donation from House of Representative Led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu - Photo News
• Naira Exchange Rate - Conversion of United States Dollar (USD) and British Pound Sterling (GBP) to Nigerian Naira (NGN) at CBN Rates - Nigeria Currency Converter Calculator
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